published_or_final_version / Economics and Finance / Master / Master of Economics

by Lui Man-wai, Erik, Szeto Fong-wa, Jenny. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1994. / Includes bibliographical references (leaves 35-37). / ABSTRACT --- p.i / ACKNOWLEDGEMENT --- p.ii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- BACKGROUND OF THE HK WARRANTS MARKET --- p.2 / Chapter III. --- LITERATURE REVIEW --- p.6 / Chapter IV. --- METHODOLOGY --- p.11 / Data --- p.14 / Chapter V. --- EMPIRICAL RESULTS --- p.19 / Price Effect --- p.19 / Excess Return --- p.19 / Variance --- p.20 / Beta --- p.25 / Trading Volume --- p.26 / Chapter VI. --- CONCLUSIONS --- p.28 / Recommendations --- p.30 / APPENDIX --- p.34 / REFERENCES --- p.35

by Lau Chi-keung, Edward, Lee Chi Wing. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 49-51). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF FIGURES --- p.v / LIST OF TABLES --- p.vi / ACKNOWLEDGEMENT --- p.viii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- WARRANTS AND WARRANT MARKET --- p.2 / General Issue of Warrants and Covered Warrants --- p.2 / Hong Kong Warrant Market --- p.3 / Chapter III. --- MULTIPLE COVERED WARRANT LISTING ISSUE --- p.6 / Chapter IV. --- LITERATURE REVIEW --- p.7 / Theoretical Reviews --- p.7 / Empirical Studies --- p.9 / Chapter V. --- METHODOLOGY --- p.13 / Data Selection --- p.13 / Analysis Method --- p.14 / Abnormal Return --- p.15 / Total Volatility --- p.16 / Systematic Risk --- p.16 / Trading Volume --- p.16 / Chapter VI. --- EMPIRICAL RESULTS --- p.18 / Abnormal Return --- p.18 / Systematic Risk --- p.20 / Total Volatility --- p.21 / Trading Volume --- p.24 / Chapter VII. --- DISCUSSION OF RESULTS --- p.30 / Abnormal Return --- p.31 / Total Volatility and Systematic Risk --- p.32 / Trading Volume --- p.35 / Chapter VIII. --- LIMITATIONS OF STUDY --- p.36 / Chapter IX. --- CONCLUSION --- p.39 / Chapter X. --- RECOMMENDATIONS --- p.40 / APPENDIX --- p.43 / List of Covered Warrants Issued from Jan 1989 to Dec 1992 --- p.43 / List of Covered Warrants in the Sample Set --- p.44 / Primary Result of Abnormal Return Analysis --- p.45 / Primary Result of Systematic Risk Analysis --- p.46 / Primary Result of Total Volatility Analysis --- p.47 / Primary Result of Trading Volume Analysis --- p.48 / BIBLIOGRAPHY --- p.49

by Chan Pak Man, Lee Kim Wai. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Incldues bibliographical references (leaves 59-62). / ABSTRACT --- p.iii / TABLES OF CONTENTS --- p.iv / Chapter CHAPTER I --- INTRODUCTION --- p.1 / Rationales of the Research --- p.1 / Outline of the Report --- p.3 / Chapter CHAPTER II --- BACKGROUND OF STOCK OPTIONS --- p.5 / Definition of a Stock Option --- p.5 / Differences from the Common Stock --- p.6 / Benefits of Stock Options --- p.6 / Overview of the Hong Kong Market --- p.8 / Chapter CHAPTER III --- OBJECTIVES --- p.9 / Chapter CHAPTER IV --- LITERATURE REVIEW --- p.11 / Theoretical Literature --- p.11 / Provision of investment choice --- p.11 / Efficient allocation of risk-bearing --- p.12 / Information efficiency --- p.13 / Destabilizing effect --- p.14 / Cross-effects --- p.14 / Empirical Evidence --- p.15 / Price effect --- p.15 / Volatility effect --- p.16 / Cross-effects on stocks --- p.18 / Chapter CHAPTER V --- METHODOLOGY --- p.20 / Data Collection --- p.20 / Statistical Analysis and Procedures --- p.21 / Chapter CHAPTER VI --- FINDINGS --- p.29 / Introduction Effects --- p.29 / Direct Price Effects (Options Listing) --- p.29 / Individual Stock Perspective --- p.29 / "Event Period (-20,+20)" --- p.29 / "Event Period (-10,+10)" --- p.31 / Average Excess Returns (Independent stocks) --- p.32 / "Event Period (-20,+20)" --- p.32 / "Event Period (-10,+10)" --- p.33 / Average Excess Returns (Equally-weighted portfolio) --- p.34 / "Event Period (-20,+20)" --- p.34 / "Event Period (-10,+10)" --- p.35 / Announcement Effects --- p.36 / Individual Stock Perspective --- p.36 / "Event Period (-20,+20)" --- p.36 / "Event Period (-10,+10)" --- p.38 / Average Excess Returns (Independent stocks) --- p.39 / "Event Period (-20,+20)" --- p.39 / "Event Period (-10,+10)" --- p.40 / Average Excess Returns (Equally-weighted portfolio) --- p.41 / Event Period (-20，+20) --- p.41 / "Event Period (-10,+10)" --- p.42 / Cross-effects --- p.43 / Volatility Effects --- p.45 / Chapter CHAPTER VI --- I DISCUSSION --- p.47 / Chapter CHAPTER VI --- II SUMMARY AND CONCLUSION --- p.53 / Chapter CHAPTER IX --- RECOMMENDATION --- p.57 / Chapter CHAPTER X --- BIBLIOGRAPHY --- p.59 / Chapter CHAPTER XI --- APPENDIX A --- p.63 / Announcement Effect for 21 days windows --- p.63 / Announcement Effect for 41 days windows --- p.68 / Listing Effect for 21 days windows --- p.73 / Listing Effect for 41 days windows --- p.78 / APPENDIX B --- p.83 / Table 6.1 --- p.83 / Table 6.2.1 --- p.84 / Table 6.2.2 --- p.85 / Table 6.2.3 --- p.86 / Table 6.2.4 --- p.87 / Table 6.3.1 --- p.88 / Table 6.3.2 --- p.89 / Table 6.3.3 --- p.90 / Table 6.3.4 --- p.91 / Table 6.4.1 --- p.92 / Table 6.4.2 --- p.93 / Table 6.4.3 --- p.94 / Table6.4.4 --- p.95 / Table6.5 --- p.96

Li, Li. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2007. / Includes bibliographical references (leaves 34-36). / Abstracts in English and Chinese. / Chapter Chapter One --- Introduction --- p.1 / Chapter Chapter Two --- Methodology --- p.5 / Chapter Chapter Three --- Data --- p.9 / Chapter 3.1 --- Data Description --- p.9 / Chapter 3.2 --- Selection of Covariate --- p.13 / Chapter Chapter Four --- Empirical Analysis --- p.20 / Chapter 4.1 --- General Survival Analysis by Cox PH Model --- p.20 / Chapter 4.2 --- Competing Risk Analysis of Listed Firms --- p.24 / Chapter 4.3 --- Robustness Check --- p.28 / Chapter Chapter Five --- Conclusion --- p.30 / Appendix 1 --- p.32 / Appendix II --- p.33 / Reference --- p.34 / Tables --- p.37 / Figures --- p.58

by Ng Hon Sun, Stephen & Poon Ming Him. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 50-52). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iv / LIST OF TABLES --- p.v / LIST OF FIGURES --- p.v / ACKNOWLEDGEMENT --- p.vi / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- CHARACTERISTICS OF WARRANTS AND THE NATURE OF HK WARRANT MARKET --- p.5 / Chapter II (i) --- Warrants Versus Call Options --- p.5 / Chapter II (ii) --- Historical Development of Warrants in Hong Kong --- p.6 / Chapter II (iii) --- Equity Warrants --- p.7 / Chapter II (iv) --- Derivative Warrants --- p.8 / Chapter II (v) --- The Risks of Derivative Warrants --- p.10 / High Inherent Risks --- p.10 / Complex Exercise Conditions and Conversion Adjustments --- p.10 / Chapter II (vi) --- Regulatory Environment of Derivative Warrants --- p.12 / Chapter III. --- LITERATURE REVIEW --- p.14 / Chapter IV. --- DATA AND METHODOLOGY EMPLOYED --- p.19 / Chapter IV (i) --- Date Employed --- p.19 / Chapter IV (ii) --- Methodology Employed --- p.24 / Chapter V. --- EMPIRICAL RESULTS AND INTERPRETATION --- p.28 / Chapter V (i) --- Market Trend Before and After Listing --- p.37 / Chapter V (ii) --- Trading Volume --- p.38 / Chapter V (iv) --- Volatility --- p.39 / Chapter VI. --- CONCLUSIONS --- p.44 / APPENDIXES --- p.46 / APPENDIX A STOCKS SELECTED FOR STUDY --- p.46 / APPENDIX B CONSTITUENT STOCKS OF HANG SENG INDEX --- p.47 / APPENDIX C HANG SENG INDEX 1993-1994 --- p.48 / APPENDIX D HANG SENG INDEX RETURN AND SELECTED STOCK UNADJUSTED MEAN RETURN --- p.49 / REFERENCES --- p.50 / LIST OF TABLES / TABLE 1 DERIVATIVE STOCK WARRANTS LISTING IN 1993 -1 994 --- p.21 / TABLE 2 COMPARISON OF PRE- AND POST- LISTING RETURNS --- p.28 / TABLE 3 EXCESS MARKET RATE OF RETURN AND CUMULATIVE EXCESS MARKET RATE OF RETURN --- p.32 / TABLE 4 MARKET MODEL RATE OF RETURN AND CUMULATIVE MARKET MODEL RATE OF RETURN --- p.33 / TABLE 5 β'S CALCULATED ON THE UNDERLYING STOCK --- p.33 / TABLE 6 MARKET TREND BEFORE AND AFTER LISTING OF DERIVATIVE WARRANTS --- p.37 / TABLE 7 EFFECTS OF DERIVATIVE WARRANT LISTING ON RISK CHARACTERISTICS OF UNDERLYING STOCKS --- p.41 / LIST OF FIGURES / FIGURE 1 SUMMARY OF THE REGULATIONS ON DERIVATIVE WARRANTS --- p.13 / FIGURE 2 WARRANT LISTINGS DISTRIBUTION MAP --- p.23 / FIGURE 3 CUMULATIVE RETURN % (ADJUSTED AND UNADJUSTED) --- p.31 / FIGURE 4 IMPACT OF LISTING ON VARIANCE --- p.40

Su Qian. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2005. / Includes bibliographical references (leaves 66-70). / Abstracts in English and Chinese. / Abstract --- p."i,ii" / Acknowledgements --- p.iii / Table of Content --- p.iv / List of Tables and Figures --- p.v / List of Abbreviation --- p.vi / Chapter Chapter 1. --- Introduction --- p.1 / Chapter Chapter 2. --- Literature Review --- p.4 / Chapter 2.1 --- Benefits of Cross-listing --- p.4 / Chapter 2.2 --- The Price-discovery process of cross-listed stocks --- p.8 / Chapter 2.3 --- Previous studies on Chinese cross-listed stocks --- p.2 / Chapter Chapter 3. --- China Overseas Listing --- p.15 / Chapter 3.1 --- The history of overseas listing --- p.15 / Chapter 3.2 --- Methods of overseas listing --- p.17 / Chapter 3.3 --- The motivation for Chinese firms to list overseas --- p.18 / Chapter 3.4 --- The prospects of China Overseas listing --- p.21 / Chapter Chapter 4. --- Price-discovery contributions to China-backed stocks cross-listed on SEHK and NYSE --- p.23 / Chapter 4.1 --- Data --- p.23 / Chapter 4.2 --- Methodology --- p.25 / Chapter 4.3 --- Empirical Results and Interpretation --- p.31 / Chapter 4.4 --- Cross-Sectional analysis of NYSE contributions to the price-discovery process --- p.40 / Chapter Chapter 5. --- Price-discovery contributions to the cross-listed H share and A share --- p.45 / Chapter 5.1 --- Data and Sample details --- p.46 / Chapter 5.2 --- Methodology --- p.49 / Chapter 5.3 --- Empirical results and interpretation --- p.54 / Chapter 5.4 --- A brief analysis of cointegration determinants --- p.57 / Chapter 5.5 --- The cointegration between H share and A share- Daily analysis --- p.61 / Chapter Chapter 6. --- Conclusion --- p.64 / Reference --- p.66 / Tables --- p.71

by Wong Siu-Ming. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaf 77). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATION --- p.v / LIST OF TABLES --- p.vi / PREFACE --- p.vii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Objectives --- p.1 / Methodology --- p.1 / Selection of stock exchange for case study --- p.2 / Selection of target company and share type for case study --- p.3 / Definitions of abbreviation --- p.4 / Contribution --- p.5 / Chapter II. --- Shenzhen Stock Exchange --- p.6 / History of the stock markets in China --- p.6 / Particulars of Shenzhen Stock Exchange --- p.7 / Profiles of the listing companies on the SZSE --- p.10 / Capital raised and Market capitalization --- p.10 / Distribution of share types on the SZSE --- p.13 / Distribution of listing companies in different sectors --- p.14 / Types of listing companies in China's stock market --- p.15 / Selection criteria of stock exchange for new issue --- p.15 / Chapter III. --- IPO of 'A share' stocks on the Shenzhen Stock Exchange --- p.17 / Basic qualifications for listing on the SZSE --- p.17 / Listing procedures --- p.19 / Method of listing --- p.21 / Professional advisors --- p.22 / Pre´ؤlisting restructuring of state-owned enterprises --- p.24 / Documents required for listing application --- p.25 / Prospectus for listing --- p.26 / Profit estimate in the IPO prospectus --- p.27 / Requirement for further issue of shares after listing --- p.27 / Problems faced by the regulatory bodies --- p.28 / Chapter IV. --- Particulars of Jiangxi Ganneng Company Limited --- p.29 / "History, development and reorganization" --- p.29 / Principal activities --- p.31 / Organization structure of the Company --- p.32 / Pre-listing restructuring of the Company --- p.32 / Ownership structure --- p.34 / Management hierarchy --- p.35 / Financial performance --- p.38 / Listing of the Company --- p.39 / Chapter V. --- IPO pricing of Jiangxi Ganneng Company Limited --- p.41 / IPO Pricing --- p.41 / Computation of the Company's IPO price --- p.42 / Chapter VI. --- IPO Pricing in China --- p.44 / Valuation of companies in China --- p.44 / IPO pricing in China --- p.44 / Restriction on the price-earnings ratio of new issue --- p.45 / Adjustment of the price-earnings ratio of new issue --- p.46 / Evaluation of the current IPO pricing method in China --- p.48 / Chapter VII. --- The post-listing return performance of unseasoned issues of 'A share' stocks in Shenzhen --- p.51 / Methodology --- p.51 / Data Analysis --- p.52 / Measure of central tendency of the sample's 8 rate of return --- p.53 / Distribution of the 8 rate of return --- p.56 / Industry effect on the post-IPO return performance --- p.57 / Size effect on the post´ؤIPO return performance --- p.60 / Chapter VIII. --- Future Prospects of IPO market in China --- p.62 / The state planning of the privatization of state-owned enterprises in China --- p.62 / Impact on IPO of state-owned enterprises after the restructuring of State Council --- p.66 / Chapter IX. --- Conclusions --- p.67 / APPENDIX --- p.72 / BIBLIOGRAPHY --- p.77

by Leung Chui-wa. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 72-75). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / ACKNOWLEDGEMENT --- p.vii / Chapters / Chapter I. --- introduction --- p.1 / Purpose of the project --- p.2 / Scope of the project --- p.2 / Methodology and literature review --- p.2 / Chapter II. --- BACKGROUND OF OFFSHORE LISTING OF CHINA ENTERPRISES --- p.5 / Reform of China state-owned enterprise --- p.5 / Development of China securities market --- p.8 / Capital needs of China --- p.11 / China's participation in global economy --- p.12 / China's resumption of Hong Kong's sovereignty --- p.13 / Chapter III --- OVERVIEW OF OFFSHORE LISTING OF CHINA ENTERPRISES.…… --- p.15 / China policies over offshore listings of China enterprises --- p.15 / Overall policy --- p.16 / Selection of State-owned enterprises for offshore listings --- p.17 / Selection of listing venue --- p.19 / Competition among stock exchanges worldwide --- p.20 / Australia --- p.21 / Canada --- p.22 / London --- p.22 / Singapore --- p.23 / Tokyo --- p.24 / Chapter IV. --- listings of china enterprises in hong kong and the united states --- p.26 / Current situation in Hong Kong and New York --- p.26 / China enterprises listed in Hong Kong and New York --- p.28 / Hong Kong --- p.28 / New York --- p.30 / Important issues for consideration --- p.32 / Regulatory regime --- p.32 / Offering mechanism --- p.35 / Market characteristics --- p.38 / Advantages and disadvantages of listing in Hong Kong and the US --- p.39 / Chapter V. --- trading performance of h shares and h/n share adrs … --- p.41 / Scope and methodology of the analysis --- p.41 / Findings --- p.42 / Discussion --- p.45 / Chapter VI. --- discussion and conclusion --- p.47 / Implications on SOEs and China economy --- p.47 / Implications on the Hong Kong stock market --- p.50 / appendix --- p.54 / bibliography --- p.72

by Chu Chui Kuen, Leung Chi Ming Ludwig. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 138-141). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF FIGURES --- p.viii / LIST OF TABLES --- p.ix / INTRODUCTION --- p.1 / Background --- p.1 / Objectives --- p.2 / Methodology --- p.3 / Chapter I --- THE PROBLEM OF STATE OWNED ENTERPRISES (SOES) --- p.4 / THE SOE REFORM --- p.6 / "First Stage, 1983" --- p.6 / "Second Stage, 1988" --- p.6 / Contract Responsibility System --- p.6 / Shareholding System --- p.7 / Relationship between Contract Responsibility System and Shareholding System --- p.9 / "Third Stage, 1989" --- p.10 / Mr. Deng visited the Southern part of China --- p.10 / The 15th Party Congress --- p.12 / Chapter II --- STOCK MARKET BACKGROUND --- p.14 / Chapter III --- LISTING CONSIDERATIONS --- p.16 / Advantages of the Listing Status --- p.16 / Benefits to the PRC Government- A strong support for the SOE Reform in PRC --- p.16 / Sources of Capital for State Development --- p.16 / Reduce the dependence of the SOEs on Government subsidies --- p.16 / Reduce the risk of bankruptcy of the SOEs --- p.17 / Better preservation of the state-owned assets --- p.17 / A means to cash in the share-holding of the state --- p.17 / The Benefits to the SOEs --- p.17 / Capital for initial business development --- p.18 / Channel for continuous fund-raising --- p.18 / Pressure for profitability --- p.18 / A channel for merger and acquisition --- p.18 / Publicity and credibility --- p.18 / The Choice of Stock Market --- p.19 / Domestic Markets- SHSE and SZSE --- p.19 / The Problems of Domestic Market --- p.20 / Problems with A-shares listing --- p.20 / Problems with B-shares listing --- p.27 / Low market capitalization --- p.27 / Low liquidity --- p.27 / Quota system --- p.27 / Inconvenient and time-consuming transactions --- p.28 / Poor information access --- p.28 / Poor market infrastructure --- p.28 / Overseas Market - N-shares and H-shares --- p.28 / Large market capitalization and High liquidity --- p.29 / Multiple channels for investors --- p.29 / High degree of internationalization --- p.29 / Strict listing requirement and highly regulated Environment --- p.29 / Widen sources of financing --- p.30 / Tax and other benefit --- p.30 / Hong Kong Market (H-shares) --- p.31 / International funds --- p.31 / "High liquidity, high trading volume and efficiency" --- p.32 / An efficient and well-regulated Market --- p.32 / Common cultural background --- p.32 / Chapter IV --- THE PROCEDURE FOR H-SHARE LISTING --- p.33 / Chapter V --- RESTRUCTURING --- p.36 / Formation of Company Limited for Listing --- p.36 / Restructuring --- p.36 / The Objectives --- p.36 / Clarify ownership structure --- p.36 / Organize related business --- p.37 / Improve management structure --- p.37 / Improve financial management --- p.37 / International alignment --- p.37 / The Process --- p.38 / Forms of Restructuring --- p.38 / Type I. The Single Enterprise Structure --- p.39 / Case Example: Chengdu Telecommunications Cable Co. Ltd --- p.40 / Type II. The Transformation Structure --- p.41 / Type III. The Group Holding Structure --- p.42 / Case Example: Beijing North Star --- p.44 / Type IV. The Spin Off Structure --- p.46 / Case Example: Guangzhou Shipyard International --- p.47 / The Structure After Listing --- p.48 / Employee share --- p.49 / The Central Issues in Restructuring --- p.51 / The Role of Supervisory Government Department /the Parent Holding Company --- p.52 / Under Central Economic in planning --- p.52 / After the Restructuring --- p.52 / The Role of SOEs as the Social Welfare Agents --- p.53 / Roles of the Communist Party and Employee Organizations --- p.54 / in the listed company --- p.54 / Entangled relationship with potential conflicts of interest (power) --- p.54 / Chapter VI --- ISSUES AND DIFFICULTIS IN LISTING --- p.57 / Quota System --- p.57 / Answering the Questions of HKSE --- p.58 / Restructuring --- p.58 / Unclear Company Structure and Ownership --- p.58 / Dependence on Parent Company --- p.58 / Selection of Business To Avoid Competition with the Parent Company --- p.59 / Social Burden --- p.59 / Handling of Debt --- p.59 / Accounting System --- p.60 / Fixed Asset --- p.60 / Cost of Inventory --- p.60 / Bad Debt Allowances --- p.60 / Triangle Debt --- p.61 / Legal Matters --- p.62 / Pricing of IPO --- p.62 / Setting the IPO Price --- p.62 / Business Nature of the Enterprise --- p.63 / Chapter VII --- AGENCY COST --- p.64 / The Presence of Agency Cost --- p.64 / Traditional Agency Cost before listing as H share --- p.65 / The improvement of H share in supervisory --- p.68 / "Representative of the shareholders, the board of directors" --- p.68 / and the supervisors committee --- p.68 / Responsibility of the board of directors to monitor the enterprise --- p.72 / Incentive system --- p.72 / "The ""A"" - shares" --- p.73 / The non-monetary benefit --- p.74 / Monitoring the management --- p.75 / The Independent non-executive directors --- p.76 / The supervisory committee --- p.77 / Social burden --- p.77 / Other benefit --- p.77 / Connected transaction --- p.78 / Further control on the agent --- p.79 / Chapter VIII --- TRANSACTION COST --- p.83 / Financing Means --- p.83 / Bank Loan --- p.83 / Listing as H share --- p.86 / Cost of listing --- p.86 / Other Cost for Listing --- p.89 / First time listing fee and Listing maintenance fee --- p.89 / "Auditing fee, printing charge and distribution of annual report " --- p.90 / Public Relation --- p.90 / Other charges --- p.91 / Chapter IX --- UNCERTAINTY --- p.92 / Uncertainty reduced --- p.92 / Source of Financing - Equity Financing --- p.92 / More Efficient and Effective Management --- p.92 / Preservation and Growth of State Assets --- p.93 / Reputation --- p.93 / Liquidity of Stock --- p.94 / Interest of Investors --- p.94 / Higher Autonomy --- p.94 / Uncertainty Not Reduced --- p.95 / Reliance on Parent Company --- p.95 / Foreign Currency --- p.95 / Separation of Government from the Enterprise --- p.95 / Appointment of Managers --- p.96 / Political and Economic Risk --- p.96 / New Uncertainty Introduced --- p.96 / Greater Exposure to Speculations of the Market --- p.96 / The Social Burden's Return --- p.97 / Chapter X --- CASE : SHANGHAI PETROCHEMICAL COMPANY LIMITED --- p.98 / Introduction --- p.98 / Background --- p.99 / The Ownership --- p.99 / State Control and Subsidies --- p.99 / Raw Materials Supplies --- p.100 / Sales and Marketing --- p.101 / Import and Foreign Exchange Restriction --- p.101 / "The ""Little Society´ح " --- p.102 / Financing History --- p.102 / Indebtedness --- p.104 / The Economic Reform --- p.105 / The Fundamental Changes --- p.105 / Restructuring --- p.105 / Solutions to Traditional Burdens --- p.108 / Financing --- p.112 / Share-issuing --- p.112 / Capital Structure --- p.113 / Corporate Management --- p.114 / Financial Performances --- p.114 / Tax Benefit --- p.115 / Corporate Strategy --- p.115 / Market-orientation - away from the planned economy --- p.115 / Management --- p.116 / Market Sensitivity --- p.116 / Cost Control --- p.118 / Debt Management --- p.118 / Business Development --- p.120 / The People --- p.121 / The Management --- p.121 / Employees --- p.124 / Issues Open to Questions --- p.126 / The Government as the Majority Shareholder --- p.126 / Complications in Ownership Relationship-The Majority Shareholder --- p.126 / Jinshan and the Company --- p.126 / The Role Conflicts --- p.128 / CONCLUSIONS --- p.131 / APPENDIXI THE BACKGROUND OF THE BEIJING NORTH STAR COMPANY LIMITED --- p.136 / BIBLIOGRAPHY --- p.138